If your business is doing quite well in your local area, and even nationally, then your thoughts of expansion may have drifted off to foreign lands. While there are all kinds of businesses that have successfully moved on to different countries and expanded their reach, this doesn’t mean it’s something you should do without careful consideration. In fact, we have 3 things here that you’re going to need to know about before expanding your business.
- Market Research
Is there a gap in the market for your business in the country you’re considering expanding in? You still need to do thorough market research – just because your business has been successful in your country doesn’t mean it will be elsewhere.
- Marketing Adaptations
You may need to change the way you market your business based on the country you want to sell in. For example, you can’t always use social media sites in China. What adaptations will you need to make?
- Cultural Differences
Cultural differences are one of the most important things to think about when taking your business overseas. This is because differences in culture could well mean disaster for your business, depending on what it is. You need to know the biggest differences in this country and what could potentially need to change so that your business fits in with the culture of the place. You might also benefit to learn about economic sanctions and international relations – the infographic below can help you:
credit to Norwich University